Tuesday, 16 August 2016

NIGERIA GETS NEW COMMERCIAL BANK

SunTrust
Bank (STB) Limited, a newly licensed regional bank, began operations yesterday
with a pledge to be technology-driven.

Its Chief
Executive Officer (CEO), Mr. Muhammad Jibrin, said the bank was the first to be
issued fresh licence by the Central Bank of Nigeria (CBN) since 2001.

Jibrin
said STB started about six years ago as a mortgage bank, adding that it would
be a financial technology institution that would focus on electronic channels
by offering telephone, mobile and internet banking services.

He said:
“Banking is no longer where you go to, it is what people do. Therefore, the
only thing that can stand the future is no longer physical branches, but
banking services would be driven by technology.

“Therefore,
most customers of tomorrow would no longer be the customers that want
to go to the banking hall. So, you need to be able to position the institution
to respond positively to the needs and expectations of customers
of tomorrow. That is at the heart of our own vision and strategy as
tomorrow’s bank today.”

The
President of the Dangote Group, Alhaji Aliko Dangote, hailed the bank for
taking such as bold step.

He added:
“It might be easy for us to be overwhelmed by many challenges we face as
business people. The lack of growth in the major economies of the world, the
declining commodity prices in general, the weakness in our economy and the
difficulty faced by the banking sector all over the world.

“But
throughout my business life, I have learnt that problems and difficulties are
also great opportunities. People can make quite a lot out of difficulties and I
think our difficulties in Nigeria today should be turned to opportunities. In
this period, you need the courage to attack when others are retreating.“As you
know, in Lagos, we have many projects that we are doing and we are not
retreating. We have continued to invest in this downturn, with expectation that
our investment would actually pay a handsome reward as the cycle turns. I
congratulate you for taking this step when banks all over the world are facing
multiple headwinds. I am excited that this courage would be rewarded in the
near future.”

The banker’s
Chairman Mr. Charles Onyema Ugboko, said establishing a bank in this harsh
economic situation showed that the board and management are committed to the
economy’s growth.